A FEE survey reveals that the scope of audits of European banks regarding regulatory reporting vary widely between EU member states.
FEE Members in 27 EU countries provided information on how the audit profession is involved in assuring the reports banks provide to their regulators.
This is a task auditors can provide in addition to the annual statutory audits of a bank’s financial statements, which is required by EU law.
FEE has informed the European Central Bank (ECB), as the direct supervisor of 123 EU banks, about this divergence in practice and has offered the ECB its support in developing a more coordinated approach.
Scope of audit of banks accross Europe